The economic turmoil in the eurozone took a heavy toll on the value of Europe's automotive sector in the third quarter of this year. The setback was severe, affecting suppliers and retailers as well as vehicle manufacturers. Not one of the 35 stock exchange quoted companies included in the Automotive News Europe/PricewaterhouseCoopers Transaction Services Shareholder Value Index avoided a setback, with 10 relinquishing more than 30 percent in the quarter and a further five losing more than 40 percent in value.
This follows a buoyant second quarter in which five of the seven automakers achieved double-digit growth, leading to hopes that the industry could outperform European stock markets in the remainder of the year.
But third-quarter declines in shareholder value of 32.6 percent for automakers, 33.7 percent for partsmakers and 25.9 percent for vehicle retailers shows such optimism was misplaced. These Q3 declines compare with more modest falls of 25 percent in Germany's DAX30 and France's CAC40 indices and 8 percent in the UK's FTSE 100 over the same period.